Question: We have been in the process of modifying our loan with Bank of America since APRIL09. To date we have not heard if we are approved. In the mean time, we made 3 months of 'forbearance' payments. The bank is sending us foreclosure notices saying we are deliquent. Up until the point of making the reduced forbearance payments, we have never been late or missed a payment. How can they foreclose when they are the ones who told us to pay the reduced amount - and where did the $ go?

Answers

Posted By: loanmodpro on Jan 06, 2010 01:25AM

A: This requires you to stay in constant communication with the loss mitigation department of your lender. It could be just a case of the left hand not knowing what the right hand is doing.